UPDATE. BVB: Ludwik Sobolewski’s mandate agreement at BVB expired

Ovidiu Posirca 21/08/2017 | 16:04

The Bucharest Stock Exchange said in a statement that Ludwik Sobolewski will continue to work as CEO of the BVB, although his mandate agreement expired on August 21.

“In the same time, BVB informs that the mandate of Mr Ludwik Sobolewski remains in force, as per the Board of Governors’ Decision no. 79/ 1 July 2013 (which grounded the approval of the Financial Supervisory Authority through decision no. 616/21 August 2013). The conditions and terms related to the execution of the mandate will be defined, or another decision will be taken by the Board of Governors in this regard,” said the BVB in a statement.

In addition, the BVB said that “The decision on extending the mandate agreement of the CEO was not taken in the Board of Governors meeting, convened for this subject on 18 August 2017, due to lack of quorum.”

On Monday afternoon trading, the price of a BVB share was up by 0.58 percent to RON 34.4000.

In a separate statement, the BVB said that Sobolewski’s mandate agreement expired.

“This fact creates an unusual legal situation, considering that the decision of the BVB Board of Governors no. 79/1st of July 2013 (which was the base for the approval of the Financial Supervisory Authority by decision no. 616/21st of August 2013) did not provide a deadline for the appointment of Mr. Sobolewski in this capacity, and the decision to approve the mandate contract was a separate one, which did not foresee the termination of the position of CEO upon
termination of the mandate contract. The situation could be clarified by a decision of the BVB Board of Governors.
The decision to extend the term of office of the CEO was not taken in the meeting of the BVB Board of Governors
convened for 18th of August 2017 on the subject, because of the lack of quorum. Also, there was no decision to
revoke Mr. Sobolewski,” said the BVB in a separate statement.

It added that Sobolewski’s mandate will continue until the board of governors decide to revoke him.

“The terms and conditions for the execution of the mandate will be defined, or another decision will be taken by the BVB Board of Governors in this regard. Until such a decision is made, Mr. Sobolewski has decided not to exercise his mandate, given the unusual legal situation,” added the BVB.

BR Magazine | Latest Issue

Download PDF: Business Review Magazine March (II) 2024 Issue

The March (II) 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “BAT DBS Romania Hub: A Vibrant New Office For An Employee-Centric
Ovidiu Posirca | 27/03/2024 | 17:32
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue